The MEDC has approved a $641,000 brownfield SBT (thanks, Brian) to assist with the costs of refurbishing the 13-story building, which will be redeveloped into approximately 60 condominium units. The project's developer, Eddystone Development, LLC, will put up $6.4 million of private funds for the Eddystone, which will also include two 2,000-square foot retail areas on the ground floor.

Retail areas will also be incorporated into the redevelopment

Set to open in Spring of 2006, the single-story loft-style condos will be built as either one- or two-bedroom units, and will range from 875- to 1500-square feet. Prices are estimated to run from about $135,000 to $195,000.

In addition to the proposed internal upgrades to the building, the MEDC's press release on the subject notes that its exterior and the areas immediately surrounding it will also be redeveloped.